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BUZZ-European telecom operators: Spectrum renewal costs may hurt

Reuters - UK Focus

** Some European mobile operators will have to start factoring in potentially higher costs related to spectrum licenses that come up for renewal over the next couple of years.

** The process to renew begins in countries such as Italy and Germany later this year according to analysts.

** Sweden's Tele2 (Other OTC: TLTZF - news) failed to win frequencies in a Norwegian auction in December.

** Some analysts say that the auction headwind is not fully priced in the share prices of telecom operators.

** Espirito Santo analysts last week downgraded Tele2 to "sell" from "neutral", French low-cost telecoms company Iliad to "neutral" from "buy" and telecom major Vodafone to "sell" from "neutral".

** Espirito Santo estimates that on a ten year view, the spectrum cost could amount to 10 percent of the market capitalisation for several European operators including Vodafone, Deutsche Telekom (Xetra: 555750 - news) and Orange (Other OTC: FNCTF - news) . (RM (LSE: RM.L - news) : atul.prakash.thomsonreuters.com@reuters.net)